The information on this site relates to our current range of products and additional benefits. If you already have an existing life cover policy with us please refer to your original policy documents as they may differ from the following information depending on when you took your policy out.
When you take out Decreasing Life Insurance with us, we understand that your circumstances may change in the future. So that your policy can adapt with your needs - we offer some options that may help. Terms & Conditions apply. For more information please read the Policy Booklet PDF.
At certain key points of your life, you may need to increase the amount of cover you have. For example, you could become a new parent or decide to move to a bigger house. These types of events usually mean that you need more protection.
The good news is we’ll allow you to increase your cover without the need for any further medical information on the occurrence of specified events – making the process as easy and hassle free as possible.
You may be eligible to increase your cover within six months of one of the following events occurring:
You must provide the relevant documents in relation to the events to us.
Your cover can be increased by up to 50% of the original amount on each occasion that the option is used, but this is limited to a maximum of £150,000.
If the option is being used due to a mortgage increase then it’s also limited to the amount of the increase to the mortgage.
If you’re using this option because of an increase in earnings, this is calculated as the percentage increase in earnings multiplied by the original amount of cover.
The option can be used three times in total over the length of your policy, but only once in respect of either marriage or registered civil partnership. The maximum total increase permitted is £200,000.
To do this you must take your plan out before your 45th birthday and we must not have applied a premium increase to your cover. If you do choose to exercise this option we won’t ask any more medical questions. This is subject to terms and conditions and the premiums at the time of the increase will apply.
This option is not available, after your 55th birthday or if you have been diagnosed with or received treatment for our definition of a terminal illness, a critical illness, carcinoma in situ of the breast treated by surgery or low grade prostate cancer requiring treatment.
You may be able to make other changes to your policy without using the Guaranteed Insurability Option. You can apply for a change to:
We also offer the following:
These changes could affect the premiums that you pay and we would have to assess any change request based on your circumstances at the time.